Monthly Archives: May 2019

PST Rate Reduction Effective July 1, 2019

The Government of Manitoba has confirmed the rate for PST (RST) is being reduced effective July 1, 2019 from 8% to 7%. Welcome news for those of us that have to charge it and of course those who have to pay it. The 7% sales tax rate applies to goods purchased after June 30, 2019 including goods for which the purchaser made a deposit on the purchase.

The existing 8% rate applies to Goods purchased before July 1 on credit or deferred payment arrangements where the payment is made after June 30, 2019. It also applies to goods fully paid for before July 1, 2019 but delivery is taken on or after this date. Contracts for services entered into before March 7, 2019 are taxable at 8% for services provided up to June 30, 2019

Contracts entered into after March 7, 2019 for services that commence after June 30, 2019 are taxable at 7%

These are some of the highlights of the new tax rate and how the transition is to be handled. As with most issues related to taxes there are a number of other details to be aware of to execute the transition accurately.

Feel free to contact and we will help you navigate through this process without going offside with the Government.

Greg Libbrecht, President Platinum Books & Five Star Accounting

Tax Filing Deadline for Unincorporated Business Owners (Updated for line missed)

April 30th has come and gone now a number of business people and their accounting professionals are focused on Midnight June 15th.  This is the tax filing deadline for unincorporated business owners and their spouses, and the official end of tax season. Any balance owing for the 2018 tax year was due April 30th. Failure to file and pay the taxes due by June 15 results late filing penalties and interest. File by midnight June 15 and avoid the 5% late filing penalty plus 1% per month on the outstanding balance for up to 12 months. If you are delinquent on paying for the second time within three years, that penalty goes up to 10% of the outstanding amount plus 2% per month for up to 20 months. Make this deadline so you can truly enjoy summer – if you need assistance reach out early as most accounting professionals will be pretty much fully booked the last couple weeks before the deadline. If you have trouble coming up with the funds to pay your taxes every year we have a system that will help eliminate this issue.

Greg Libbrecht, President Platinum Books & Five Star Accounting

Tax Filing Deadline for Unincorporated Business Owners

April 30th has come and gone now a number of business people and their accounting professionals are focused on Midnight June 15th. This is the tax filing deadline for unincorporated business owners and their spouses, and the official end of tax season. Failure to file and pay the taxes due by June 15 results late filing penalties and interest. File by midnight June 15 and avoid the 5% late filing penalty plus 1% per month on the outstanding balance for up to 12 months. If you are delinquent on paying for the second time within three years, that penalty goes up to 10% of the outstanding amount plus 2% per month for up to 20 months. Make this deadline so you can truly enjoy summer – if you need assistance reach out early as most accounting professionals will likely be booked the last couple weeks before the deadline. If you have trouble coming up with the funds to pay your taxes every year we have a system that will help eliminate this frustration.

Greg Libbrecht, President Platinum Books & Five Star Accounting